Fred Cheng's Shinyo International has bought five VLCCs for a combined US$326m. All the deals are still on subjects.

China VLCC has sold three to Shinyo in a deal worth a combined US$238m. The vessels are New Medal (297,000dwt, built 2009), which is being sold for US$78m; New Coral (297,600dwt, built 2010) for US$82m, and New Founder (297,400dwt, built 2008) for US$74m.

Cheng's other two purchases are the Power D and Energy R (both 319,000dwt, built 2003), sold for US$44m each by Nord Reederei last week.

"The markets are coming together, there is a great opportunity in VLCCs," Cheng said he was anxious to make a comeback to shipowning.

At the end of April, China VLCC bought two second-hand VLCCs from Sinokor Merchant Marine for a total of US$165m, the vessels being Beijing Sunrise (321,300dwt, built 2009) and Dalian Glory (301,900dwt, built 2011).